Autor Cointelegraph By Brian Quarmby

GameStop shares jump 26% in after hours trade after NFT division unveiled

GameStop shares jump 26% in after hours trade after NFT division unveiled

Uverejnil používateľ | jan 7, 2022 |

The share price of Reddit’s cult-favorite stock GameStop Corporation (GME) jumped by one quarter (in after-hours trading following a Wall Street Journal report on its upcoming NFT division. The U.S. retail game store giant has been quietly working on an NFT marketplace since May, and ramped things up in October by listing several job openings for Web 3.0 and NFT-experienced software engineers and product marketers. According to a Jan. 6 report from the WSJ, GameStop has now hired more than 20 people to operate its freshly minted NFT unit. An unnamed source familiar with GameStop’s plans told the outlet that the unit is building an NFT platform that enables the buying, selling and trading of gaming NFTs, along with establishing key cryptocurrency partnerships. The marketplace is slated to launch later this year, and the firm is said to be close to penning partnerships with two crypto companies that will share technology and co-invest in the development of blockchain and NFT games, along with other additional NFT projects.The news was warmly welcomed by after-hour traders who drove the price of GME up 26% since th market close to sit at $162.48 at the time of writing according to Tradingview. After-hours trading (AHT) is often quite volatile due to a lack of liquidity in the market but impacts the price of a stock in a similar way to regular trading. However, the WSJ’s lack of named sources, or direct confirmation from GameStop has raised the eyebrows of some more conspiratorially-minded GME fanatics. In a post that has 1,100 comments and a 97% upvote ratio on the r/Superstonk Reddit community, user “u/brettmagnetic” questioned if the WSJ article could actually have that much of a bullish effect on after-hours GME trading. “Sorry, but I don’t believe the movement in price after hours has to do with the WSJ posting about the Gamestop NFT market. I think something else is happening and this article was put out to give the NFT market as the scapegoat for the price increase.”User “MrFlags69” echoed similar sentiments, arguing that: “The author credited ‘the people’ as the only source I saw. This is anything but journalism.”Neither GameStop nor RC said shit today. WSJ is not on GameStop’s side. I’m not convinced that the AH bump was due to news about an NFT marketplace but rather a cover story for something going on BTS like forced FTD covering or margin calls. In any case, I buy and hold. pic.twitter.com/jDQFtTYIBr— ssddman.eth (@0xssddman) January 6, 2022

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Raoul Pal says 'reasonable chance' crypto market cap could 100X by 2030

Raoul Pal says 'reasonable chance' crypto market cap could 100X by 2030

Uverejnil používateľ | jan 6, 2022 |

Former Goldman Sachs hedge fund manager and Real Vision CEO Raoul Pal thinks that the crypto market cap could increase 100X by the end of this decade. At the time of writing, the total market cap of the global crypto sector stands at $2.2 trillion, and Pal told podcast Bankless Brasil “there’s a reasonable chance” this figure could grow to around $250 trillion if the crypto network adoption models continue on their current trajectory. Pal drew comparisons between the current benchmarks of other markets and asset classes such as equities, bonds and real estate, noting that they all have a market cap between “$250-$350 trillion.” “If I look at the total derivatives market, it’s $1 quadrillion. I think there’s a reasonable chance of this being a $250 trillion asset class, which is 100X from here, which would be the largest growth of any asset class in all of history in the shortest period of time.”“That will pretty much dovetail in with the idea that 3.5 billion people are using it — that’s just extrapolating the growth numbers of the network. So if [there are] 3.5 billion users in 2030, well the market cap’s going to be something like $250 trillion,” he added. One thing is for certain, it’s not going to get there in a straight line upward.The total crypto market cap has dropped 6.8% over the past 24 hours amid a significant pullback across most major assets. Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB) are 7.6%, 9% and 9.1% within that same time frame. Related: Bitcoin price drops to $43.7K after Fed minutes re-confirm plans to hike ratesThe recent downturn may even be a surprise to Pal, during an interview on Dec. 27, the investor predicted that Bitcoin would have a strong start to 2022 as he believed at the time a period of institutional sell-offs and end of year profit-taking was over. “It looks like they’re done because the market has been chopping around for the past week, which was the traditional last week of everybody squaring their books,” he said. In November, Pal predicted that the bull run won’t end in December like the previous cycles of 2015 and 2017, and will instead be extended until around June. Pal cited heavy institutional inflows in Q1 as a major reason behind this.

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Why Kevin O'Leary thinks NFTs could become bigger than Bitcoin

Why Kevin O'Leary thinks NFTs could become bigger than Bitcoin

Uverejnil používateľ | jan 6, 2022 |

Millionaire investor and crypto proponent Kevin O’Leary thinks that the NFT sector could be worth more than Bitcoin in the future. Speaking with CNBC’s Capital Connection on Jan. 5, O’Leary — also known as Mr. Wonderful — argued that NFTs provide a greater potential to attract capital than Bitcoin due to their ability to tokenize and authenticate physical assets such as cars, watches and real estate: “You’re going to see a lot of movement in terms of doing authentication and insurance policies and real estate transfer taxes all online over the next few years, making NFTs a much bigger, more fluid market potentially than just Bitcoin alone.”Mr. Wonderful admitted however, that he is not tied to that bet and will still be investing on “both sides of that equation.”The former crypto skeptic told Cointelegraph in a recent interview that his change in tune towards blockchain and digital assets was due to the growing trend of regulators warming up across the globe over the past couple of years. Not everyone agrees with comparisons between Bitcoin and NFTs however, with Coingecko digital marketing associate Khai Ren Kuan telling Cointelegraph that it’s “probably not fair to compare Bitcoin, which is a single asset, to NFTs which are an entire sector.”Kuan did note however, that the NFT adoption curve in 2022 is only going to increase upwards as the sector is still in its early days:“I think collectively if you look across all NFTs, and the fact that 2021 was year one of market adoption, there’s definitely still a lot of room to grow.”“We’ve already got a set of ‘blue chip’ NFTs, but I think the industry is still barely scratching the surface of what NFTs could be and what they could do, particularly if the Metaverse comes to fruition,” he added.Related: Global search interest for ‘NFT’ surpasses ‘crypto’ for the first time everCoingecko recently published a new book called “How to NFT” which provides a rundown for newbies entering the nonfugible space on how to buy, sell, store and mint NFTs. Questioned on whether he thinks the “NFT art narrative” will continue to dominate in 2022, or if the trend will shift towards utility-based NFTs, Kuan said: “Arts and collectibles are always going to be high on the list as they’re the most beginner-friendly and easiest to understand. In terms of utility NFTs I think what’s probably interesting to watch for is how some NFTs are going to both be art, and have utility.”“We’ve seen BAYC which the NFT doubles as membership into their ‘club’, and it really helps build a sense of identity and community,” he added.

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The worst influencer and celebrity NFT cash grabs of 2021

The worst influencer and celebrity NFT cash grabs of 2021

Uverejnil používateľ | jan 5, 2022 |

The monumental growth of the nonfungible token (NFT) sector in 2021 was a double-edged sword. While it may have transformed the wealth of countless investors and artists alike, it also gave birth to an alarming trend of popular figures who pounced on the tech to turn JPEGs into a quick profit. Here, we’ll take a look at four influencers and celebrities who allegedly threw quality and utility out the window to vacuum capital out of their supporters’ pockets amid a year plagued by a global pandemic, labor shortages, unstable finances and supply chain shortages. Logan Paul For any crypto enthusiasts who don’t know Logan Paul, he is a controversial YouTube “content creator” who has more than 23 million subscribers. His audience is primarily built up of young and impressionable individuals to whom he gladly sells merchandise, among other things. Paul’s NFT project “CryptoZoo” launched around last September and features egg NFTs that can be hatched into hybrid animals that are derived from the combination of two easily searchable Adobe stock images. Paul claims that he spent more than $1 million to launch “CryptoZoo,” and the project’s description on NFT marketplace OpenSea describes itself as an “addicting game that provides real-life value,” although it is unclear what that actually means. At the time of writing, the NFTs’ floor price sits at a respectable 0.15 Ether (ETH) or $573. However, the figure marks a whopping 62% decrease from its all-time high in November. the best part about this: we’re not just an NFT. we’re not just a token. @CryptoZooCo is a GAME… the best is yet to come https://t.co/fK2hzlMFU9— Logan Paul (@LoganPaul) September 5, 2021Paul was an avid crypto supporter throughout 2021 and was a major promoter (and alleged co-founder) behind a crypto token dubbed “Dink Doink,” which is now down 97.6% from its launch price with a current 24-hour trading volume of around $15.Jake Paul All good things come in pairs, and Logan’s divisive brother, Jake, also made a splash in 2021 when he milked the proverbial NFT cash cow. The younger Paul’s career has taken a slightly different twist than his brother’s in that he transitioned from YouTube to boxing retired UFC fighters who are known for their lack of boxing ability. Paul is reportedly one of the founders behind the “Stick Dix” NFT project that launched in November and features artwork depicting hand-drawn stick figure people with enlarged phalluses. The project’s roadmap outlines that it will invest $300,000 into influencer marketing and drop exciting things, such as the “Stick Dix” clothing line. Just broke up with my girlfriend because she didn’t mint a Stick Dix @StickDixNFT— Jake Paul (@jakepaul) November 3, 2021

Unsurprisingly, the NFT project hasn’t been doing well of late in terms of its floor price, with OpenSea showing that it has decreased around 98% since its brief all-time high in November to sit at 0.002 ETH ($7) at the time of writing. Tekashi 6ix9inePopular rapper Tekashi 6ix9ine, or Daniel Hernandez, reportedly distanced himself from an NFT project he promoted that some investors described as a “huge scam” last month. According to a report from Rolling Stone on Dec. 17, the “Trollz Collection” featuring 9,669 Tekashi 6ix9ine-style avatars, was brought to a halt after one of the project’s Discord moderators apparently went rogue in a botting attack on the group, spamming fake minting links that swindled the user’s funds. In response to the hack, the “Trollz Collection” team decided to stop allowing further mints and capped the project at 4,797 NFTs. Tekashi 6ix9ine also deleted his social media posts about the project and changed his NFT avatar profile picture online to a different photo. An investor named Jacob who withheld his last name out of privacy told the publication that he spent $40,000 on the project due to its ties to Tekashi 6ix9ine and its roadmap, which promised the launch of a blockchain game, governance rights and charitable donations. Jacob claimed that none of those things are yet to surface, with reports of the crypto game slated for launch last November going cold.“It turned out to be a huge scam,” Jacob said. THE BIGGEST NFT PROJECT IN THE WHOLE INDUSTRY !! THEY DON’T COMPARE ! pic.twitter.com/zofOx3AYwR— Trollz NFT official backup page (@trollz69nft) October 26, 2021

John Wall The team behind NBA superstar John Wall’s NFT project found itself in hot water in September after the NFT community spotted that the art depicted in his NFTs appeared to be ripped off from the online game Fortnite. BABY BALLERS #NFT Win FREE Mints!Daily ETH Prizes! Join their Discord for PrizesEntry requirements ⬇️Join https://t.co/ynT4TBKJO9️ Invite 3+ friends to the discord!#NFTs #NFTdrop #NFTGiveaway #NFTart #NFTCommunity pic.twitter.com/lRlq6yuepj— CryptoRocket (@crypto_bearr) September 21, 2021

The “Baby Ballers” collection comprises 4,000 NFTs featuring unique cartoon baby basketballers. The artwork has since been changed to feature original artworks. However, in its formative stages, the NFTs featured background images that looked exactly the same as screenshots from Fortnite, while others had alleged the babies were heavily derived from DreamWorks’ The Boss Baby franchise.John, why is the background of your NFT ripped directly from a Fortnite screenshot? pic.twitter.com/tgcV8XeYaq— themariokarters (@themariokarters) September 22, 2021

“Celebrity cash-grabs like this John Wall NFT coming out show that these celebs think they can take from the community,” said Twitter user Fxnction, adding, “Celebs really think they can come into an industry they know nothing about, never interact with the community, then launch a scam project they’ll abandon in three months?”The team behind the project attempted to do damage control at the time; however, it appears that its Twitter page has since been deleted, while the website is also down at the time of writing. Users on Twitter have also reported that they have been ghosted on the project’s Discord channel. The floor price on OpenSea paints a grim picture as well, down 99% to sit at 0.001 ETH or $3.

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Blockchain and the Metaverse make inroads at Consumer Electronics Show

Blockchain and the Metaverse make inroads at Consumer Electronics Show

Uverejnil používateľ | jan 5, 2022 |

Blockchain, metaverse and NFT technology are set to make a splash at the Consumer Electronics Show (CES) event in Las Vegas this week. The CES is an annual event that features exhibitions of the latest tech advancements and keynote speeches from giants such as LG, Samsung, Amazon, Nvidia and Sony.Innovation of mobility.Sony’s Vision-S #CES2022 pic.twitter.com/lLykDAUapB— Sony (@Sony) January 5, 2022This year’s event runs between Jan. 5 and Jan. 7 and will host more than 2200 exhibitors, with crypto and NFT companies a notable addition to the perennial gadget makers and TV manufacturers. In terms of the blockchain sector, the exhibitors grouped under the cryptocurrency category include the derivatives and NFT exchange FTX, NFT platform Blockparty and NFT Software and hardware developers Atomic Form. The event’s keynote speeches will feature crypto figures including Filecoin founding director Clara Tsao, Celsius Network chief growth and product officer Tushar Nadkami, Coinbase chief policy officer Faryar Shirzad and Art Blocks Inc founder and CEO Erick Calderon to name a few. “Are stablecoins really stable? How are traditional banks embracing crypto? Should my company be accepting crypto payments? We tackle the big questions with today’s top experts,” the preview for the Decrypting Crypto panel says. The lineup includes Nadkami, Tsao, Transform Ventures CEO Michael Terpin and Blockchain Association executive director Kristin Smith. According to conference organizer the Consumer Technology Association, several top brands will use their spots at the event to explore and promote developments in Metaverse tech such as “hardware, software, and the blockchain and crypto.”This is how we will teach complex subjects in the future using AR #CES2022 pic.twitter.com/Ir4gIXFPJg— Vala Afshar (@ValaAfshar) January 4, 2022

Speaking on Samsung’s plans for CES — the manufacturer recently ramped up its blockchain initiatives by announcing an NFT platform for its new smart TVs — CTA senior manager of industry intelligence Brian Comiskey told The Australian that:“We’ll really be looking at Samsung. Their smartphone advancements at the show will be an interesting area to watch from the hardware Metaverse side. Their televisions are even going to be showcasing what they can do for the Metaverse.”“They’re really trying to be a one-stop hub for various internet-based economies and technologies,” he added. Comiskey made some bullish statements on crypto, blockchain tech and NFTs when speaking about the interest from mainstream firms, labeling them the “future evolution of payments and what trade looks like” that will rise alongside the Metaverse. “I think NFTs and cryptocurrency really represents an opportunity for blockchain to become more popular with consumers,” he said. Related: NFTs find true utility with the advent of the Metaverse in 2021Speaking to the Wall Street Journal on Jan. 4, Maribel Lopez, the principal analyst at tech research analysis firm Lopez Research said that while NFTs and the Metaverse are still new to many top tech firms, highlighting the bleeding edge of the blockchain sector in 2022 fits the vision behind the annual CES events. “Are we a little ahead of our skis on the topics of Metaverse and NFTs? Yes. But that’s kind of what CES is about.”

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